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ADGM and Zand Bank partner to support SMEs in Abu Dhabi

By Leandra Monteiro

February 21, 2023

  • Adgm
  • Corporate Banking
  • Digital Transformation
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Zand, ADGM Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, and Zand Bank PJSC, the UAE’s first all-digital bank licensed by the UAE Central Bank, have signed an MoU to support UAE SMEs and provide preferential banking services.

The agreement will focus on providing preferential banking services including efficient bank account opening for ADGM-licensed entities, including SMEs, virtual assets companies, funds, and corporations.

Commenting on this partnership, Dhaher bin Dhaher Al Mheiri, CEO of ADGM, said, “We are pleased to partner with Zand Bank to collaborate on mutually beneficial initiatives and empower ADGM’s community with dedicated banking services. SMEs exist as one of the main pillars of economic diversification in the UAE and Abu Dhabi. They are important contributors to ADGM’s vibrant ecosystem. Enabling digital financial services through Zand bank in both the retail and corporate space for these SMEs is a testament to our continued efforts to support their growth and expansion in the global financial hub. We look forward to witnessing the long-term growth this impactful partnership presents to the ADGM community and the SMEs of the UAE.”

The collaboration aims to offer a curated value proposition with access to SMEsouk, Zand’s digital platform for SMEs. ADGM and the Bank will work together on developing a capacity-building programme to improve knowledge exchange between employees and potential clients through educational sessions across sectors and stakeholders, networking, and training.

ADGM will support Zand Bank in its business development efforts and the penetration of the largest 100 ADGM-incorporated entities through investment banking services. Through the agreement, the Bank will allocate a help desk to serve the needs of the employees of ADGM, and ADGM-incorporated entities. The help desk will serve as the initial point of contact for all employee banking needs, including providing information, responding to inquiries, receiving complaints, and introducing employees who are interested in Zand’s diverse offerings.

Commenting on the announcement, Michael Chan, CEO, Zand Bank said, “We are delighted to partner with ADGM to support technology SMEs and start-ups across the UAE. As the international financial centre in Abu Dhabi, ADGM houses a number of diverse businesses, all looking to grow and expand their footprint in the region. We strive to financially empower these businesses in the ADGM community, through our innovative, customer-centric and superior digital banking offerings.”

Zand Bank will be the sixth bank that ADGM has partnered with in addition to many other prominent banks operating in the capital city and the UAE.

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